Four-Unit Quadplex with Updated
New
For Sale
$280,000
6107 Blevins Gap Rd, Louisville, KY 40272
Four one-bedroom residences include two leased units and two vacancies for flexible occupancy or leasing plans.
Property Size2,750 SF
Price / SF$101.82
Days on Market6
Property Features for 6107 Blevins Gap Rd
General Information
Standard status
Active
Size
2,750 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Building Details
Year Built
1969
Listing Agency:
Keller Williams Collective
Listed By:
Heather Spencer · License #260334
(703) 537-9573
Source:
Familyrealty
Added: Sep 7
Changed: Sep 8
Last Checked: Sep 11 at 12:47PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Collective
Investment Insights
Based on property information with market context.
This four-unit quadplex contains four one-bedroom, one-bath residences within 2,750 square feet. Two apartments are occupied under leases extending through March 31, 2027, with the tenants remaining in place, while the other two units are vacant. The configuration can support an owner-occupant arrangement or continued rental operation, subject to the applicable lease and occupancy terms.
Property improvements include a complete turn of Unit 2 in 2024, new furnaces serving Units 3 and 4 in 2024, and full turns completed in Units 1 and 3 in 2025. The common hallway has also been refreshed. Located at 6107 Blevins Gap Rd in Louisville, KY, the property combines existing tenancy with two available units and recent unit-level updates.
Property improvements include a complete turn of Unit 2 in 2024, new furnaces serving Units 3 and 4 in 2024, and full turns completed in Units 1 and 3 in 2025. The common hallway has also been refreshed. Located at 6107 Blevins Gap Rd in Louisville, KY, the property combines existing tenancy with two available units and recent unit-level updates.
Key Highlights
- Four 1‑bedroom, 1‑bath units
- 2,750 square feet of property size
- Two units leased through March 31, 2027, with tenants to remain
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$23,139
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.26%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$462,780
$462.8K
Cap Rate 7%
$330,557
$330.6K
Cap Rate 9%
$257,100
$257.1K
Market Conditions
NOI Build-Up for 2,750 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$35.0K $12.72/SF
− Vacancy
−$1.9K −$0.70/SF
EGI
$33.1K $12.02/SF
− OpEx
−$9.9K −$3.61/SF
NOI
$23.1K $8.41/SF
Area
Louisville, KY
Vacancy
5.50%
Lease Rate
$12.72 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$462,780
Cap Rate 7%
$330,557
Cap Rate 9%
$257,100
Alternative Uses
Best Use
Multifamily LT 5
$330.6K
$289.2K – $385.7K
NOI $23,139 @ 7.0% cap · market cap 8.26%
Second Best
Apartment 5plus
$267.4K
$233.9K – $311.9K
NOI $18,715 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$712.8K
$623.7K – $831.6K
NOI $49,896 @ 7.0% cap · market cap 17.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
141
Businesses Nearby
Explore this area
Business Placement
Demographics for 40272, KY
37,747
Population
15,469
Households
2.4
Avg Household Size
39
Median Age
19%
College-Educated
90%
High-School Grad
33.3 sq mi
ZIP Area
1,134
Density / Sq Mi
$66,382
Median Household Income
$37,644
Median Earnings
$1,147
Median Rent
$169,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four one-bedroom residences include two leased units and two vacancies for flexible occupancy or leasing plans.
Where is this quadplex located?
The property is located at 6107 Blevins Gap Rd Louisville, KY.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: Four 1‑bedroom, 1‑bath units; 2,750 square feet of property size; Two units leased through March 31, 2027, with tenants to remain
